SMIVanEck HIP Sustainable Muni ETF
Fund Description
The VanEck HIP Sustainable Muni ETF (SMI) is an actively managed exchange-traded fund (“ETF”) that seeks current income generally exempt from federal income tax by investing in investment grade municipal debt securities that have been issued to fund operations or projects that support or advance sustainable development, as well as promote positive social and environmental outcomes.
-
Fund Ticker
SMI -
Exchange
Cboe -
Inception Date
09/08/2021 -
ETF Structure
Physical -
Administrator
Van Eck Associates
as of 02/07/23
-
30-Day SEC Yield1
2.77% -
Total Net Assets
$18.4M -
Number of Holdings
56 -
Options
No -
Gross Expense Ratio2
0.24% -
Net Expense Ratio/TER2
0.24% -
Distribution Frequency
Monthly -
Next Distribution Date
02/28/2023
Key Documents and Links
Fund Highlights
- Broad muni exposure with a focus on sustainability
- Core portfolio of investment-grade tax-exempts with intermediate duration
- Managed to maximize sustainability exposure while seeking to maintain benchmark characteristics
Yields
as of 02/07/23
-
30-Day SEC Yield1
2.77% -
Distribution Yield1
1.81% -
12-Month Yield1
1.23% -
Taxable Equivalent 30-Day SEC Yields1a
-
12% Federal Tax Rate
3.15% -
22% Federal Tax Rate
3.55% -
24% Federal Tax Rate
3.64% -
32% Federal Tax Rate
4.07% -
35% Federal Tax Rate
4.26% -
37% Federal Tax Rate
4.40%
Fees and Expenses2
-
Management Fee
0.24% -
Other Expenses
-- -
Acquired Fund Fees and Expenses
-- -
Gross Expense Ratio
0.24% -
Fee Waivers and
--
Expense Reimbursement -
Net Expense Ratio/TER2
0.24%
2 Van Eck Associates Corporation (the “Adviser”) will pay all expenses of the Fund, except for the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses. Notwithstanding the foregoing, the Adviser has agreed to pay the offering costs until at least September 1, 2023.
Trading Information
-
Fund Ticker
SMI -
Index Total Return Ticker
MUNI -
NAV
SMINV -
Intraday NAV (IIV)5
SMIIV -
Shares Outstanding
400,000 -
Estimated Cash
SMIEU -
Total Cash
SMITC -
CUSIP
92189H813 -
ISIN
US92189H8135
Fundamentals4 as of 02/07/23
-
Yield to Worst
3.17% -
Yield to Maturity
3.63% -
Effective Duration (yrs)
6.61 -
Duration to Worst (yrs)
5.50 -
Modified Duration (yrs)
8.49 -
Spread Duration (yrs)
5.76 -
Years to Maturity
13.40 -
Coupon
4.68%
Investment Professionals
James Colby III
- Portfolio Manager for non-taxable Fixed Income ETFs and Senior Municipal Strategist
- Joined VanEck in 2007
- Prior to joining VanEck, held several senior municipal fixed income positions at Lord Abbett, John Hancock Funds, Old Harbor Capital and Evergreen Asset Management
- Member of National Municipal Buyers Conference (Chairman, 1996), Municipal Forum of New York, Boston Fixed Income Management Society and The Economics Club of New York
- MBA, Finance, Hofstra University
- BA, Economics and International Relations, Brown University
Stephanie Wang
- Deputy Portfolio Manager for Fixed Income ETFs
- Joined VanEck in 2016
- MS, Financial Engineering, Baruch College
- BBA, Finance, Baruch College
Daniel Cho
- Associate Portfolio Manager for Fixed Income ETFs
- Joined VanEck in 2013
- Prior to his current role, held a portfolio administration position for the firm’s alternative investment funds
- MS, Finance, University of Rochester
- BS, Information Sciences and Technology, Pennsylvania State University
Jared Model
- Senior Trader, Portfolio Analyst for Fixed Income ETFs
- Joined VanEck in 2017
- Previously, Trader at Beck, Mack & Oliver LLC and monitored markets and executed equity and fixed income trades and Fixed Income Operations at Gleacher & Company Securities, Inc.
- MBA, Finance, Montclair State University
- BS, concentration in Accounting and Finance, minor in Computer Science, University of Vermont
Tamara Lowin
- Senior credit analyst for non-taxable Fixed Income ETFs
- Joined VanEck in 2021
- Prior to joining VanEck, held several senior municipal analyst positions including director of research at Belle Haven Investments, senior municipal analyst at Brown Brothers, and municipal bond analyst at UBS
- Member of National Federation of Municipal Analysts and the Municipal Analysts Group of New York
- MBA, Finance and Public Policy, The Wharton School of Business; BA, Communications, University of Pennsylvania
Performance History: Average Annual Total Returns* (%)
1 MO | 3 MO | YTD | 1 YR | 3 YR | 5 YR | 10 YR |
LIFE 09/08/21 |
|
---|---|---|---|---|---|---|---|---|
SMI (NAV) | 2.51 | 7.27 | 2.51 | -3.92 | -- | -- | -- | -4.35 |
SMI (Share Price) | 2.59 | 7.45 | 2.59 | -3.86 | -- | -- | -- | -4.28 |
MUNI (Index) | 2.78 | 7.49 | 2.78 | -3.07 | -0.28 | 1.99 | 2.40 | -3.86 |
Performance Differential (NAV - Index) | -0.27 | -0.22 | -0.27 | -0.85 | -- | -- | -- | -0.49 |
1 MO | 3 MO | YTD | 1 YR | 3 YR | 5 YR | 10 YR |
LIFE 09/08/21 |
|
---|---|---|---|---|---|---|---|---|
SMI (NAV) | 0.32 | 3.78 | -8.53 | -8.53 | -- | -- | -- | -6.41 |
SMI (Share Price) | 0.06 | 4.02 | -8.59 | -8.59 | -- | -- | -- | -6.39 |
MUNI (Index) | -0.02 | 3.85 | -8.01 | -8.01 | -0.64 | 1.22 | 2.19 | -6.09 |
Performance Differential (NAV - Index) | 0.34 | -0.07 | -0.52 | -0.52 | -- | -- | -- | -0.32 |
Top 10 Holdings (%) as of 01/31/23
Daily HoldingsIssuer Name | State | Weighting (%) |
---|---|---|
California St | CA | 10.49 |
Long Island Pwr Auth N Y Elec Sys Rev | NY | 4.53 |
Triborough Brdg & Tunl Auth N Y Payroll Mobilitytax | NY | 4.50 |
Boston Mass | MA | 3.39 |
New York N Y City Transitional Fin Auth Rev | NY | 3.14 |
Metropolitan Transn Auth N Y Rev | NY | 3.10 |
University Calif Revs | CA | 3.03 |
Val Verde Calif Uni Sch Dist | CA | 2.95 |
California Health Facs Fing Auth Rev | CA | 2.93 |
Honolulu Hawaii City & Cnty Wastewtr Sys Rev | HI | 2.88 |
Top 10 Total (%) | 40.95 |
Geographical Weightings (%)
as of 01/31/23
State | % of Net Assets |
---|---|
● California | 31.72 |
● New York | 30.87 |
● Massachusetts | 8.25 |
● Washington | 5.63 |
● Ohio | 3.44 |
● Pennsylvania | 3.31 |
● Connecticut | 2.92 |
● Hawaii | 2.88 |
● Nevada | 2.73 |
● Arizona | 1.85 |
● North Carolina | 1.73 |
● Oregon | 1.45 |
● Wisconsin | 1.38 |
● South Dakota | 1.36 |
● [Cash] | 0.47 |
Currency Exposure (%) as of 01/31/23
U.S. Dollar | 99.53 |
Other/Cash | 0.47 |
Sector Weightings (%)
as of 01/31/23
Sector | % of Net Assets |
---|---|
● Tax | 18.04 |
● State GO | 16.76 |
● Local GO | 12.11 |
● Hospitals | 8.80 |
● Transportation | 7.37 |
● Water & Sewer | 6.53 |
● Education | 6.35 |
● Power | 5.86 |
● Refunded | 5.22 |
● Airport | 4.96 |
● Toll & Turnpike | 3.32 |
● Misc | 1.45 |
● Leasing COPS & Appropriations | 1.41 |
● Single Family Housing | 1.36 |
● Unassigned | 0.47 |
Credit Quality (%)† as of 01/31/23
Composite | % of Net Assets | |
---|---|---|
Investment Grade | AAA | 10.87 |
AA | 51.18 | |
A | 18.64 | |
BBB | 7.91 | |
Total Investment Grade | -- | 88.59 |
Not Rated | -- | 5.87 |
Maturity (%)
as of 01/31/23
Average Portfolio Maturity: 13.43 Years